Which of the following is a characteristic of a sole trader?

A sole trader is a form of business ownership where a single individual owns and operates the business. One of the fundamental characteristics of a sole trader is unlimited liability. This means that the owner is personally responsible for all debts and obligations of the business. If the business incurs losses or faces financial difficulties, the sole trader's personal assets can be at risk, as creditors can legally pursue them to settle business debts.

On the other hand, limited partnership refers to a business structure that includes at least one general partner with unlimited liability and one limited partner whose liability is restricted to their investment in the business. Public trading at the ASX (Australian Securities Exchange) pertains to companies that are publicly listed and shares are available to the general public, which does not apply to sole traders. Lastly, a minimum of two owners describes a partnership or corporate structure rather than a sole trader, which by definition has just one owner. Thus, the characteristic of unlimited liability distinctly defines a sole trader.